UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO __________ COMMISSION FILE NUMBER: 001-03551 EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0464690 (State or other jur ...

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations, marking the sixth consecutive quarter of exceeding consensus free cash flow estimates [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the power sector, particularly with increasing natural gas turbine orders [22][23] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making selective, high-return growth investments, with a 2026 production forecast of 2.275-2.375 TCFE [14][15] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects, including compression projects and strategic leasing [15][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure, advocating for more pipeline construction to ensure reliable and affordable energy for U.S. consumers [11] - The company expressed confidence in its ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [24][25] Other Important Information - EQT's integrated operations and commercial alignment were showcased during Winter Storm Fern, where the company maintained operational uptime and captured peak cash market pricing [10][27] - The company is investing in additional interests in the MVP Mainline and MVP Boost, expected to deliver a low-risk 12% IRR to EQT [13] Q&A Session Summary Question: Can you give us an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [36][37] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [50][54] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure projects and demand visibility [79][80]

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow attributable to EQT in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the market [22] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [6] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects in 2026, including compression projects and strategic leasing [15][16] - EQT is investing in infrastructure to connect low-cost natural gas supply to demand centers, emphasizing the need for more pipeline infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reliability and operational strength during extreme weather events, such as Winter Storm Fern, which showcased the company's integrated operations [10][27] - The company anticipates generating approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow attributable to EQT in 2026, with a projected cumulative free cash flow of over $16 billion over the next five years [15][16] Other Important Information - EQT's position as the second-largest marketer of natural gas in the U.S. is expected to have recurring positive impacts on financial performance due to persistent price volatility [8] - The company is focused on maintaining a disciplined maintenance capital program while investing in growth projects to strengthen its platform [14][15] Q&A Session Summary Question: Can you provide insight into the trend in your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20 and is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, showcasing a two-times factor outperformance compared to peers, and emphasized the importance of being opportunistic during volatility [36][38] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [52][56] Question: What is your gas sales strategy in light of market volatility? - Management explained that they aim to sell a significant portion of gas at first-of-month pricing to de-risk operations while maintaining flexibility to capture value during volatile periods [60][66] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure development and demand visibility [81]

Financial Data and Key Metrics Changes - In 2025, the company generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [8][16] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [16] - The company expects to generate approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow for 2026, which includes the impact of approximately $600 million in growth investments [14] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [6][8] - Operating costs and capital spending beat expectations, with average well costs per lateral foot coming in 13% lower year-over-year and 6% below internal forecasts [7][8] - The cumulative benefits of marketing optimization resulted in over $200 million of free cash flow uplift relative to guidance [6] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [19][20] - Eastern storage levels are now 13% below the 5-year average, indicating a tightening market [20] - The company anticipates both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range due to growing LNG exports [20] Company Strategy and Development Direction - The company is focused on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [5] - The 2026 plan includes a disciplined maintenance capital program and the allocation of the first $600 million of post-dividend free cash flow to high-return growth projects [12][14] - The company is investing in infrastructure projects like the Clarington Connector pipeline and compression projects to strengthen its platform and capture premium pricing [24][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure for the reliability of the U.S. energy system, advocating for more pipeline infrastructure to meet demand [10] - The company is well-positioned to fund high-return infrastructure growth projects and continue its track record of base dividend growth [18] - Management expressed confidence in the company's ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [23] Other Important Information - The company recently elected to purchase additional interest in MVP Mainline and MVP Boost, expected to fund approximately $115 million of the total consideration for the acquisition [11] - The company’s operational performance during Winter Storm Fern showcased its integrated model and ability to respond effectively to extreme weather events [9][26] Q&A Session Questions and Answers Question: Can you provide an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [30][31] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [35][36] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management stated that the focus is on Mountain Valley projects, with a goal to create more opportunities across the integrated platform [48][49] Question: How does the company balance growth in the current environment? - Management emphasized responding to demand rather than chasing price signals, with a focus on building infrastructure to meet future demand [65][66]

Financial Performance - EQT Corporation reported fourth-quarter 2025 adjusted earnings from continuing operations of 90 cents per share, exceeding the Zacks Consensus Estimate of 73 cents and up from 67 cents in the prior year [1] - Adjusted operating revenues increased to $2,094 million from $1,821 million in the prior-year quarter, surpassing the Zacks Consensus Estimate of $2,064 million [1] Production and Sales - Sales volume increased to 609 billion cubic feet equivalent (Bcfe) from 605 Bcfe in the year-ago quarter, beating the estimate of 598 Bcfe [3] - Natural gas sales volume was 572 Bcf, up from 566 Bcf in the year-ago quarter, exceeding the estimate of 561 Bcf [3] - Total liquid sales volume decreased to 6,127 thousand barrels (MBbls) from 6,552 MBbls in the prior year, missing the projection of 6,145 MBbls [3] Commodity Prices - The average realized price was $3.44 per thousand cubic feet of natural gas equivalent (Mcfe), up from $3.01 year over year [4] - The average natural gas price, including cash-settled derivatives, was $3.32 per Mcf, an increase from $2.86 [4] - The natural gas sales price was $3.76 per Mcf, higher than $2.97 recorded a year ago [4] - The oil price was $44.98 per barrel compared to $54.75 in the prior year [5] Expenses - Total operating expenses were $1,372 million, up from $843 million in the prior-year quarter [6] - Gathering expenses totaled 10 cents per Mcfe, up from 9 cents year over year [6] - Transmission expenses stood at 40 cents per Mcfe, down from 41 cents recorded a year ago [6] - Lease operating expenses amounted to 11 cents per Mcfe, higher than 9 cents in the corresponding period of 2024 [6] - Selling, general and administrative expenses came in at 18 cents per Mcfe, flat year over year [6] Cash Flow - Adjusted operating cash flow totaled $1.55 billion in the reported quarter, up from $1.23 billion a year ago [7] - Free cash flow amounted to $857 million, an increase from $588 million in the corresponding period of 2024 [7] Capital Expenditure and Balance Sheet - Total capital expenditure was $655 million, higher than $583 million reported a year ago [9] - As of December 31, 2025, the company had cash and cash equivalents of $111 million and net debt worth $7.69 billion [9] Guidance - For the first quarter of 2026, EQT expects total sales volume to be between 560 Bcfe and 610 Bcfe [10] - Total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026 [10] - Total maintenance capital expenditures are projected to be between $515 million and $590 million, with growth capital expenditures anticipated to be between $120 million and $145 million in the first quarter [10]

Investor Presentation Fourth Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION 1 February 17, 2026 Cautionary Statements The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms and estima ...

Group 1 - The stock price of EQT Corporation has remained relatively flat over the past seven months, yielding a 3% return, which supports the previous buy rating [1] - The analyst has been involved in the logistics sector for nearly two decades and has experience in stock investing and macroeconomic analysis for almost ten years [1] - The focus of the analyst includes ASEAN and NYSE/NASDAQ stocks, particularly in sectors such as banks, telecommunications, logistics, and hotels [1] Group 2 - The analyst has diversified investments across various industries and market capitalizations, holding some stocks for retirement and others for trading profits [1] - The analyst entered the US market in 2020 and has been trading for four years, gaining insights from Seeking Alpha [1] - The analyst has holdings in US banks, hotels, shipping, and logistics companies, similar to their investments in the ASEAN market [1]

Core Viewpoint - Lithium Chile Inc. has received a US $5,000,000 deposit from China Union Holdings Limited as part of the sale of its Arizaro project, indicating strong commitment from the buyer to complete the transaction [1][2][3]. Transaction Details - The deposit is held in trust and is a condition for closing the transaction, which is scheduled for June 2026, pending satisfaction of remaining conditions [2][3]. - The company is actively working on regulatory, technical, and closing matters to meet the conditions for the transaction [3]. Chilean Developments - The new government in Chile, set to take office on March 1, 2026, is expected to prioritize regulatory efficiency and responsible resource development, which could benefit Lithium Chile's projects [4]. - The company has previously secured a Special Lithium Operating Contract for its Coipasa project, demonstrating its capability to navigate Chile's regulatory environment [4]. Company Overview - Lithium Chile Inc. holds a portfolio of 11 properties covering 106,136 hectares in Chile and 29,245 hectares in Argentina, with significant advancements made in the Arizaro project [5].

Group 1 - Tesla's autonomous taxi service reported 14 accidents within 8 months of operation in Austin, including property damage and injuries, with plans to expand to 7 more cities by mid-year [2] - Blackstone, EQT, and CVC are competing to acquire Volkswagen's Everllence division, which produces marine engines and heat pumps, with a valuation between €5 billion (approximately $5.92 billion) and €6 billion [2] - South Africa's automotive exports reached a record high in 2025, with 414,300 vehicles exported to 109 countries, marking a 5.9% increase from 2024 despite U.S. tariff pressures [2] Group 2 - In January 2026, China's used car market saw a transaction volume of 1.7292 million vehicles, a year-on-year increase of 18.33%, with a total transaction value of 110.612 billion yuan [2] - The used car transfer rate in January was 35.03%, showing growth both month-on-month and year-on-year, with a total of 605,800 vehicles transferred, up 43.3% from the previous year [2] - The market for passenger and commercial vehicles improved compared to the previous year, with steady growth in basic passenger car transactions and increased demand for SUVs and MPVs [2]

Core Viewpoint - Volkswagen is attracting interest from top private equity firms, including Blackstone, EQT, and CVC, for its Everllence division, which produces marine engines and heat pumps. The estimated valuation for this division is between €5 billion (approximately $5.92 billion) and €6 billion [1][1]. Group 1 - Volkswagen's Everllence division is involved in the production of marine engines and heat pumps [1]. - Potential buyers have valued the Everllence division between €5 billion and €6 billion [1].